Libyan Unrest Causing Pain At The Pump

STATE – As crude oil prices surged because of unrest in Libya, New Jersey gas prices reached levels not seen since October 2008. On Monday, the average price of regular gasoline in New Jersey reached $3.195, according to NewJerseyGasPrices.com.

That’s up nearly 17 cents since last week, and over 18 cents since Jan. 28, when the average price was $3.012. A year ago, gas cost an average of $2.534 per gallon, according to NewJerseyGasPrices.com.

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“This week has been a ‘crude awakening’ for motorists who continue to endure pain at the pump,” said Tracy E. Noble, a spokesperson for AAA Mid-Atlantic, a division of North America’s largest motoring and leisure travel organization. “Occurring just ahead of the peak driving season, recent increases at the pumps could have far-reaching effects if they continue for the long-term, crimping demand and halting economic recovery.”

Noble said that many industry analysts expect gas prices will reach $3.50 to $3.75 a gallon by early spring, and that prices could skyrocket if Middle East unrest spreads.